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The proceedings of the Critical Thinking Forum examine the debate over whether South Africa should manage its exchange rate to boost industrial competitiveness or maintain a flexible system. Key discussions highlight that nominal currency devaluation may be unsustainable due to limited foreign exchange reserves and could exacerbate inflation. Experts argue that long-term competitiveness depends more on microeconomic reforms, reducing domestic costs, and increasing national savings than on currency manipulation. The forum also addresses the tension between trade liberalization and protectionist industrial policies, such as the National Industrial Policy Framework (NIPF), with some participants warning that raising tariffs could harm the poor and discourage export diversification.